The Dow Jones Industrial Average dropped by 558 points on Friday, capping a wild week of trading that saw the blue-chip index lose more than 4 percent of its value.

The Dow started the day with a spike of 150 points after the Department of Labor released a generally tepid jobs report, only to plummet by mid-afternoon to a session low of 662 points down as markets continued to absorb the destabilizing impact of President Donald Trump's protectionist trade policies.

The broader S&P 500 lost 2.3 percent of its value, and a tech sell-off fueled a drop of 3 percent on the Nasdaq composite index. Tech giants Alphabet and Apple both lost all of their gains for the year. Apple's share price has been steadily falling after a litany of analysts cut their price targets for the smartphone maker amid concern over waning demand for the iPhone.